From cryptocurrencies to pensions in the blockchain Blockchain technology has become well-known through cryptocurrencies such as Bitcoin. In addition to these, there are many areas in which blockchain technology can change how we currently do business.

In essence, a blockchain is a publicly visible ledger that stores transactions which cannot be tampered with. In the ledger, transactions are chained with a cryptographic seal so that any attempt to change one of them will break the chain. With Bitcoin, the cryptographic layer is imposed when transactions are processed in a process called “mining”.

The blockchain database keeps track of who owns how many bitcoins without the need of a central party, i.e., it is autonomous. Consequently, there is no need to put your trust in a third party; within the blockchain community this is referred to as trustlessness.

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